Riyadh, February 01, 2023, SPA-- In implementation of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and in the presence of Minister of Investment, Eng. Khalid Al-Falih, and the Omani Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed Al-Yousef, CEO of the Saudi Fund for Development (SFD), Sultan Al-Murshid, signed today a memorandum of understanding with the Omani Ministry of Finance, represented by Zahir bin Marhoon Al-Abri on behalf of the Minister of Finance, to finance the infrastructure project for Al Dhahirah Special Economic Zone in the Sultanate of Oman, at a total cost of SAR one billion and two hundred million. This was on the sidelines of the Saudi-Omani Investment Forum being held in Riyadh from 1 to 4 February 2023. The memorandum aims to open horizons of cooperation at many levels through the establishment of an economic zone in Al Dhahirah Governorate, which contributes to promoting sustainable economic growth, in addition to increasing trade exchanges and creating quality industries. It also encourages partnerships among sectors to provide goods and products and reduce the cost of production and export between the two brotherly countries. Al-Abri commended the significant role being played by the government of the Kingdom of Saudi Arabia through SFD in supporting development projects and programs in the infrastructure sector in the Sultanate of Oman. He explained that the memorandum contributes to strengthening bilateral development relations between the two sides, appreciating the efforts that seek to achieve sustainable development goals between the two brotherly countries. During the signing ceremony of the memorandum, CEO of SFD said "This memorandum strengthens the long-established historical relations and close partnership between the Kingdom of Saudi Arabia and the Sultanate of Oman. These development projects and programs contribute to achieving the ambitious visions of the two countries, to achieve economic growth and social prosperity, noting the exerted efforts between the two sides in order to contribute to the achievement of the goals of sustainable development, hoping that this project will be a source of development to reach sustainable growth and prosperity.” It is noteworthy that SFD has been working for about 45 years to finance and support development projects in the Sultanate of Oman. These projects come as part of development cooperation between the two brotherly countries in the development fields, including infrastructure, higher and vocational education programs, and water and energy sectors. --SPA 16:53 LOCAL TIME 13:53 GMT 0020 www.spa.gov.sa/w1848333